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Banco La Hipotecaria to offer $2M in short-term debt

Panama's Banco La Hipotecaria SA on May 31 will offer negotiable commercial securities worth about $2 million, according to a filing.

The one-year, series CDK notes carry an annual interest rate of 4.00%. They will be issued June 4.

The securities, locally known as VCNs, have an F1+ rating from Fitch Ratings.

The offering is part of the bank's rotating negotiable commercial securities program worth $35 million.

The bank said it will use the proceeds from the offering to grow its mortgage credit portfolio.